Economics
U.K. Small Firms Not Prepared for Big Pound Slump After Brexit
- More than one in three SMEs see pound dropping at least 10%
- Most businesses aren’t preparing for a no-deal Brexit scenario
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More than a third of U.K.’s small- and medium-sized businesses see the pound dropping at least 10 percent after Brexit, but almost none of them are preparing for it.
Almost one in five SMEs believe the pound could reach parity with the euro or fall even lower for the first time in history, according to a report by payments firm WorldFirst released on Tuesday. However, as many as 95 percent of those companies don’t have a currency strategy to deal with a possible increase in supplier costs and reduced margins, the report said.